AceTraderFx: Daily Market Outllook on Major -EUR/USD

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AceTraderFx July 08: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 07 July 2022 03:00GMT

EUR/USD - 1.0169
Euro's selloff below May's 5-year low of 1.0350 to 1.0163 Wed and yesterday's break there to a fresh 20-year bottom of 1.0145 in New York on continued safe-haven usd buying suggests price would head to 1.0100/05, loss of momentum may keep price above projected 1.0075/80 support today.

On the upside, only a daily close above 1.0236 confirms a temporary low is in place and risks stronger retracement to 1.0271/76.

Data to be released on Friday:
Japan all household spending, current account, trade balance, eco watchers current, eco watchers outlook.
France current account, trade balance, imports, exports, Italy industrial output.
US non-farm payrolls, private payrolls, unemployment rate, average weekly earnings, wholesale inventories, wholesale sales, Canada employment change and unemployment rate.

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AceTraderFx July 11: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 11 July 2022 03:00GMT

EUR/USD - 1.0159
Despite euro's selloff below 1.0145 (Thursday) to a fresh 20-year bottom at 1.0073 in Europe Friday, subsequent strong rise to 1.0189 following robust U.S. NFP in New York suggests recent erratic decline has made a temporary trough there and may head back towards 1.0221 before retreat.

On the downside, a daily close below 1.0100 would indicate said recovery has ended and yield weakness towards 1.0073, break, 1.0045/50.

Data to be released later:
New Zealand retail sales, Japan Machinery orders, machine tool orders.
Italy retail sales.
Canada leading index on Monday.

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AceTraderFx July 12: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 12 July 2022 03:00GMT

EUR/USD - 1.0053
Despite euro's short-covering rebound from 1.0073 in post-NFP Fri, yesterday's selloff below there to a fresh 24-year bottom at 1.0035 in New York on broad-based safe-haven buying in usd suggests price would head to 'parity' handle, break would yield further weakness towards 0.9949 later.

On the upside, only a daily close above 1.0092 would indicate a temporary low is in place and risk stronger retracement towards 1.0117, break may head to 1.0148/51.

Data to be released on Tuesday:
U.K. BRC retail sales, Japan producer prices, New Zealand NAB business conditions, NAB business confidence, Germany ZEW economic confidence, ZEW current conditions, EU ZEW survey expectation and US redbook.

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AceTraderFx July 13: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 13 July 2022 03:00GMT

EUR/USD - 1.1879
Although euro's rebound after yesterday's selloff to a fresh 20-year bottom of 1.000 in Europe on continued usd's strength suggests recent erratic decline has made a temporary bottom, as 1.0073 has capped subsequent recovery, bearishness is retained for weakness to 0.9970/75 but loss of momentum should keep price above projected support at 0.9949.

On the upside, only a daily close above 1.0073 would risk stronger retracement to 1.0117/22.

Data to be released on Wednesday:
New Zealand food price, RBNZ interest rate decision, Australia consumer sentiment, China exports, imports, trade balance.
U.K. GDP, trade balance, industrial output, manufacturing output, construction output, Germany CPI, HICP, France CPI, EU industrial production.
U.S. MBA mortgage application, CPI, Federal budget and Canada BOC interest rate decision.

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AceTraderFx July 14: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 14 July 2022 03:00GMT

EUR/USD - 1.0029
Despite euro's rally on short covering from Wed's fresh 20-year trough of 0.9999 after release of red hot US CPI and jump in US yields to 1.0122 in New York, subsequent retreat suggests correction possibly over and below 1.0020/24 would pressure price towards 0.9949.

On the upside, only a daily close above 1.0100 may risk re-test of 1.0122, break would yield stronger retracement to 1.0151/56 before retreat.

Data to be released on Thursday:
U.K. RICS housing price balance, Australia employment change, unemployment rate, Japan industrial output, capacity utilization, Swiss producer/import prices, France Market Holiday.
U.S. initial jobless claims, continuing jobless claims, PPI and Canada manufacturing sales.

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AceTraderFx July 15: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 15 July 2022 03:00GMT

EUR/USD - 1.0019
Despite euro's firm break of parity handle at New York open Thursday and then weakness to a fresh 20-year bottom of 0.9953, subsequent rally to 1.0048 on less hawkish comments by Fed's Waller would yield choppy swings before one more fall but 0.9900/10 should hold from here.

On the upside, only a daily close above 1.0073 may signal temporary low is made and risk stronger retracement towards 1.0122.

Data to be released on Friday:
New Zealand business NZ PSI, China house prices, industrial output, retail sales, GDP, Japan tertiary industrial activities.
Germany wholesale price index, Italy CPI, EI trade balance.
US NY Fed manufacturing, import prices, export prices, retail sales, industrial production, capacity utilization, manufacturing output, business inventories, University of Michigan sentiment and Canada wholesale sales.

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AceTraderFx July 18: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 18 July 2022 03:00GMT

EUR/USD - 1.0096
Euro's rally above 1.0048/52 resistance to 1.0097 in New York Friday on broad-based retreat in usd suggests recent erratic decline has made a temporary bottom there, however, reckon 1.0122 would cap present rise and yield another decline, below 1.0048/50 would head to 1.0007/10 but below needed to extend towards 0.9985 later.

On the upside, only a daily close above 1.0140 would risk stronger retracement towards 1.0190.

Data to be released today:
New Zealand business NZ PSI, CPI, Japan Market Holiday.
Italy trade balance, Canada housing starts.
U.S. NAHB housing market index on Monday.

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AceTraderFx July 19: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 19 July 2022 03:00GMT

EUR/USD - 1.0139
Although euro's erratic rise from 1.0082 (Europe) Mon and then break of 1.0122 resistance to 1.0101 in New York on broad-based usd's weakness signals recent downtrend has made a temporary low at Thursday's 20-year trough at 0.9953, loss of momentum would limit gain to 1.0221, below 1.0097/00 signals correction over and heads back towards 1.0052.

On the upside, only a daily close above 1.0201 would revive bullishness for one more rise to 1.0220/25 later.

Data to be released on Tuesday:
U.K. Rightmove house price, claimant count, ILO unemployment rate, average weekly earnings, Swiss exports, imports, trade balance, EU construction output, HICP.
U.S. building permits, housing starts, redbook and New Zealand GDT price.

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AceTraderFx July 20: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 20 July 2022 03:00GMT

EUR/USD - 1.0239
Despite resumption of long term downtrend to a fresh 24-year bottom at 0.9853 last Thur, subsequent rise to 1.0201 Monday, then rally to 1.0268 Tuesday on Reuters report of a possible 0.5% ECB's rate hike signals long-overdue correction has taken place but loss of momentum should cap price at 1.0215 and yield another retreat later today or tomorrow.

On the downside, a daily close below 1.0201 would signal a temporary top is in place and yield weakness towards 1.0121.

Data to be released on Wednesday:
Australia Westpac leading index.
U.K. CPI, RPI, PPI input prices, PPI output prices, DCLG house price index, Germany producer prices, EU current account, consumer confidence.
U.S. MBA mortgage application, existing home sales, Canada CPI and producer prices.

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AceTraderFx July 21: Daily Recommendations on Major -EUR/USD

DAILY MARKET OUTLOOK on Major
Update Time: 21 July 2022 03:00GMT

EUR/USD - 1.0188
Although euro's erratic fall from Wednesday's 2-week high of 1.0273 to as low as 1.0156 (New York) due to political turmoil in Italy and broad-based rebound in usd in tandem with U.S. yields suggests 1st leg of correction from July's 20-year bottom at 0.9953 has possibly ended, intra-day recovery would bring sideways swings ahead of expected ECB's 0.5% rate hike decision later today.

A firm break of 1.0156 would head back towards 1.0082 while above 1.0252 may bring re-test of 1.0273, however, loss of upward momentum should cap price at 1.0300.

Data to be released on Thursday :
New Zealand imports, exports, trade balance, Japan exports, imports, trade balance, BOJ interest rate decision, Australia NAB business confidence.
U.K. PSNB, PSNCR, France business climate, EU ECB refinancing rate, ECB deposit rate.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, Canada new housing price index and U.S. leading index.

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